Business comes with ups and downs. When it is on the upward scale, you may have nothing to worry about, other than meeting the turnaround time to complete the projects and improving the quality of work. However, when the business takes a fall and you do not have ample of projects in hand, it becomes all the more difficult to carry on with the operational expenses like running the office, paying salary to the employees, spending good amount of money in maintaining the equipments so on and so forth.
This is perhaps when you have to take the call of cost cutting and doing away with things that are not useful to you for the time being. You need to check on factors that cost more to the business so that things like that can be curtailed and you can eventually save some money for the business. In addition to this, it also makes much sense to do away with some heavy equipment which you feel you may not need for the next few months. Well, you do not have to sell them off to keep on with your business; all you got to do is rent it to someone who needs them and is also ready to pay its price.
You may find many new guys having joined the camp who have small projects in hand and for that purpose they need heavy equipment. Since they are new to this business, they in no way intend to buy brand new heavy equipment. Knowing the cost of it, it may not permit them to buy a new one. Therefore, they would be always in the hunt of people willing to rent heavy equipments to them. You only need to identify their needs and if you’re able to fulfil them with the stock you have, that is it.
Before you rent any heavy equipment, it is important for you to identify the equipment you won’t need for the next few months. Because once you let it out, you will not be in a position to get it back before the term expires. Therefore, you need to make sure that the stuff you would be letting out will not have any need to your business for the next few months. You also have to check the number of equipment you can let out on the basis of the existing projects in hand. In no way, it should hamper the progress of your current projects. It would make more sense to take help of some professionals who can guide you well on this issue.
You may also ask the professional to help you making an agreement where he will enter the entire clause that will protect the rights of both the giver and the taker. Clauses like the tenure of the agreement, rent to be taken and actions to be taken if there happens to be a breach of the contract must be mentioned clearly in the agreement. This should be mutually agreed by both the parties and only then you should let out the machine.